1. finance

Financial Policy Manual FY 2014
The George Washington University
Student Association
Senate Finance Committee
Student Association Finance Committee
2012-2013
Effective Through May 1, 2013
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Chair’s Remarks
Dear Student Org Leaders,
After a great semester of programming and successful allocations for the 2012-2013 school
year, I am excited to be overseeing the beginning of big changes to SA Finances. Due to
changes to the CSE Registration process, allocations will now occur in March and April for the
following fiscal year, so that organizations can immediately start spending when Fiscal Year
2014 begins on July 1st. Furthermore, we are beginning to convert to a system where student
organization finances are approved line item by line item, as opposed to the current one, where
an omnibus budget receives a lump sum that can be spent on virtually anything. With the
increased revenue that will be coming in over the next decade due to the Student Association
fee increase, the SA has a fiduciary responsibility to ensure that student organization funds are
spent efficiently and appropriately.
The Student Association is here to help make your events successful. The Finance Committee’s
role is to make sure all student organizations are funded in a fair and transparent manner. This
manual will help you all navigate the sometimes difficult Student Association financial process,
and make our expectations for student organizations very clear. One of those expectations is
that student organizations will fundraise and/or seek revenue from places other than the SA. In
this manual, you will find some tips on where to seek alternate funding, how our process works,
when the important dates are, and where/from who you can find answers to the questions this
does not answer. Make sure to carefully read through this manual well in advance submitting
budgets, which are due March 29, 2013 at 5:00 PM. If you have any questions, please contact
me at [email protected] or [email protected]
Best Wishes,
Alexander J. Mizenko, SA Finance Chair
Where to Go for Help
If you ever have any questions about policies, procedures or any financial-related issues, don’t
hesitate to ask. It is better to ask than to make a mistake if something is unclear. Please do not
hesitate to reach out to:
The SA Finance Committee Chair: For any questions about allocations, budgets and the status
of funding proposals ([email protected])
The SA Vice President for Financial Affairs: For any questions regarding guidelines for
expenditures, inquiries about the current balance of an allocation or the status of a
reimbursement ([email protected])
Your Advisor: Every student organization has an advisor in the Center for Student Engagement.
They can help you with any questions that the Chair or VPFA can not help you with.
Nick Hudson, Coordinator, Dean of Students (DOS) Financial Services: For University
procedures, for ordering office supplies or obtaining a long-distance telephone access code.
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Only go to the Nick Hudson after you have talked with the Vice President for Financial Affairs.
([email protected])
Center for Student Engagement
Marvin Center 5th Floor, 800 21st St., NW, Washington, DC 20052
(202) 994-6555, (202) 994-6102 (fax), [email protected]
The George Washington University Student Association
Marvin Center 427, 800 21st St. NW, Washington, DC 20052
[email protected]
Table of Contents
I. Student Organization Funding Overview
Page 4
II. The Student Association Finance Committee
Page 4
III. Responsibilities of the Student Association
Page 5
IV. Responsibilities of Any Funded Student Group
Page 5
V. Prohibited Items
Page 5
VI. The Allocations and Allocation Appeals Process
Page 6
A. Allocations Process
Page 6
B. Allocation Appeals Process
Page 6
VII. Criteria the Senate Finance Committee Considers When Allocating Money
A. Allocation Criteria
B. Limitations on Allocated Monies
Spending
Page 7
Page 7
Page 8
VIII. Co-Sponsorship Process
Page 8
IX. Micro-Loan System Process
Page 9
X. The SA Reimbursement Process
Page 10
Appendix I. Other Places to Get Funding
Page 10
Appendix II. Other Important Information
Page 11
Appendix III. Hints for Preparing a Budget or Funding Proposal
Page 11
Appendix IV. Important Notes in Summary
Page 12
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I. Student Organization Funding Overview
The Student Association receives an annual appropriation of funds from The Division of
Student Affairs. This money comes from the Student Association Fee paid by every
student at the university based on number of credit hours taken ($1.75/credit hour for
incoming students this year, $1.50/credit hour for students who enrolled before this
year). This is matched by the University ($.50/credit hour). It is estimated that this will
bring in around $1.2 million this year, although the exact amount is dependent on new
enrollment and how many credits students take. The Student Association accepts
proposals from registered student organizations to assist in the funding of their
respective events. The funds appropriated from Student Academic Support Services to
the Student Association (SA) are subject to standard University policies and procedures
under the oversight of SASS Financial Services. Since the funding for student
organizations comes from university funds, there are a number of responsibilities which
the funded student groups must adhere to. These include, but are not limited policies
outlined by the SA Finance Committee below, the CSE Student Org Handbook(http://
studentorgs.gwu.edu/resources/), Office of Student Rights and Responsibilities and all
other relevant University policy.
II. The Student Association Finance Committee
The Senate Finance Committee is made up of 10 elected SA Senators from around the
university, both graduate and undergraduate. The Finance Committee considers all
requests for allocations and co-sponsorships and is responsible for any changes to
financial policy. For the 2012-2013 Academic Year, the following Senators will comprise
the Finance Committee. These senators will be in charge of allocations for Fiscal Year
2014. These senators will be replaced on the Finance Committee in May:
Alex Mizenko (SPHHS-U), Chair ([email protected])
Ryan Counihan (SoB-U), Vice-Chair ([email protected])
James Bonneau (G-At-Large)
Jake Chervinsky (G-At-Large)
Daniel Egel-Weiss (CCAS-U)
Neil Forquer (SEAS-U)
Andrew Hickman (G-At-Large)
Bob Kickish (SMHS-G)
Michael Morgan (ESIA-U)
Ben Pryde (U-At-Large)
Jordan Werner (SMHS-G)
Matthew Antony (Non-Voting 1st Year Graduate)
Marshall Cohen (Non-Voting Freshman-At-Large)
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III. Responsibilities of the Student Association
1. To allocate the financial resources of the SA in an attempt to meet the financial needs
of all students organizations.
2. To disburse funds in a fair and prudent manner.
3. To exercise no bias in financial-related matters.
4. To verify that all student organization expenditures are legitimate in accordance with
university policy.
IV. Responsibilities of Any Funded Student Group
1. Follow all guidelines presented in this manual.
2. Designate 2 Executive Financial Officers.
3. Register with Center for Student Engagement(CSE), and remain in good standing for
the entire academic year. Additionally, all umbrella organizations are responsible for
ensuring all represented orgs under them are CSE registered too.
4. Declare ALL members that they represent in SOMA while submitting their budgets.
5.. Keep adequate documentation of all SA-allocated money, including but not limited to
receipts and invoices of all expenditures.
6. Keep financial records for the current year and the two preceding academic years on
file and available for review by the SA Finance Committee at all times. Refer to
Appendix IV, Section 5 if you do not have these records as it is imperative to have them
on file.
7. Attend a CSE Financial Management Meeting each year in March.
8. Participate in both the Initial Allocations process and a Mid-Year Review by submitting
required documents to Student Association.
V. Prohibited Items
The following items are ineligible for purchase from an organization’s SA account. They
may be purchased with out-of-pocket or revenue account funds, but will not be
subsidized by the SA. This list is not comprehensive, and the Finance Committee may
determine an item to be ineligible for subsidy at its discretion:
1. Gifts for students
2. Gifts for speakers(this is classified as any compensation for a speaker that is
not explicitly laid out as a part of that speaker’s honorarium/contract)
3. Scholarships and prize money
4. In-kind prizes for contests or competition (e.g., trophies, plaques, etc)
5. Transition dinners or other off-campus events reserved for an exclusive
segment of a particular student organization (e.g., executive board members)
6. Alcohol, drugs, firearms or university-prohibited items
7. Direct donations to charities or other causes (note: student groups may use
SA money to organize fundraisers to raise donations to charity.)
8. Investments (stocks, mutual funds, etc.) and gambling
9. Any items not explicitly approved by the Finance Committee via general
allocations, co-sponsorships, or other approval.
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Items that are prohibited by the Student Association, but not prohibited by the Center for
Student Engagement may be purchased using revenue accounts. If an EAF is
submitted for any of these items, it will be denied.
VI. The Allocations and Allocation Appeals Process
A. Allocations
There are two parts to the allocations process: the General Allocation process (held in
the middle of September), and the Mid-Year Review (held in late January or early
February).
The General Allocations Hearings operate as follows:
1. Student organizations will submit budgets by March 29th at 5:00 PM (when CSE
closes) and submit a budget through SOMA, the online portal hosted by CSE.
2. The Finance Committee will meet over 2 weekend (March 30th- April 1st and
April 7th-April 8th) where they will review all budgets, and decide on an allocation
for each student organization.
3. By April 8th, all student organizations will be notified of their allocations.
4. Between April 8th and April 14th, the Finance Committee will hold appeals
hearings.
5. If a group files an appeal, they will receive a decision on said appeal no later than
April 14th as outlined in Section VII, Part B.
6. Following the completion of all appeals hearings, the Committee drafts the
"General Allocations Bill.”
7. This bill is presented and voted on by the Student Senate at the next Senate
meeting, which is open to all students. This will be voted on by the incoming
Senate-Elect at a meeting TBA by the Executive Vice-President-Elect
8. The SA President reviews the bill and signs or vetoes the bill within 5 class days.
9. The allocations are officially reviewed by the Center for Student Engagement and
the Dean of Students Financial Services.
10. The SA Vice President for Financial Affairs sets up accounts for each funded
group.
11. The Mid-Year Allocations are the same (applies to groups that don’t get a general
allocations.) More information on the Mid-Year Review (required of groups that
get a general allocation, will be sent via e-mail.) It tentatively is due on
11/18/2013.
B. Allocation Appeals Process
1. The Finance Committee will tentatively hold our appeals hearings between April
8th and April 14th
2. Student Organizations may sign up for one (1) ten-minute appeal. The Finance
Committee will send you more information about signing up for appeals.
3. Student organizations may request a written explanation for our allocations
decisions before their appeal.
4. Any organizations coming in appeal should reassess and revise their budget and
come in prepared to justify why they must have the money they requested.
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5.
An organization that is likely to win an appeal is one that demonstrates that they
absolutely cannot fulfill their mission without more funds.
VII. Criteria the Senate Finance Committee Considers when Allocating Money
A. Allocation Criteria
When deciding how much to allocate to a group, the Finance Committee considers 13
major criteria. The criteria are:
1. How the group supports The George Washington University.
2. How the spending increases the prominence of the group and the
university.
3. What the events contribute to the development of the student community
4. If the events/activities/etc. fulfill the mission of the organization.
5. What appeal the events/activities/etc. have to the student community as a
whole, and what the anticipated attendance is.
6. That the groups hold events on campus, if applicable and possible.
7. That there is not excessive spending in one particular area or on one
particular item (e.g. not all the money will be spent only on food, or only on
t-shirts, etc.)
8. That all needed information is supplied to the Finance Committee in a
timely manner (e.g. a budget and necessary supporting documentation is
provided to the Finance Committee at least 24 hours in advance of the
scheduled Initial Allocation Hearing or the Mid-Year Review).
9. That the group currently meets all the eligibility requirements established
in the by-laws. (Refer to sa.gwu.edu for our by-laws.)
10. That the group is in good financial standing with the Student Association
(e.g. the group did not overspend their allocation in the previous two
years, nor has been accused of financial misconduct).
11. That the group spent their previous year’s allocation, and did not fail to
spend significant parts of their allocation.
12. The constituency of the organization- SOMA will make you declare each
individual member this year, and we will use that for the purpose of
funding decisions.
13. How efficiently money is spent in the proposed budget and in past years
(did you actually spend your money on the things you said you would, and
did it follow the above-listed criteria.)
14. What attempts the organizations makes to secure outside funding. It is
very important that student organizations seek outside funding and show
projected revenue other than SA funding in their proposed budget.
B. Limitations on Allocated Monies Spending
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Although there are types expenditures that are not prohibited, we do have an interest in
limiting the amount of spending on certain aspects of programming or operations. The
following is a thorough, but not exhaustive list of things we will not fund without an
exceptional circumstance:
1.
2.
3.
4.
5.
6.
7.
Must follow all policies from Sections V and VII.
Groups may not spend a majority of their SA money strictly on food or
refreshments, unless food is part of the mission of the organization.
Any spending on a re-usable item that was included in the previous year’s budget
(i.e.-a camera), absent documentation that said item was not actually purchased
or was broken.
Purchases of apparel, excluding uniforms needed for competitive purposes, in
excess of 20% of your allocation.
Any expenditure [for one event] over $4,999 must be approved by the SA
Finance Committee. Organizations may not make a deposit less than $5,000 for
an expenditure that will eventually exceed this figure without approval from the
SA Finance Committee. This rule applies to any expenditure, regardless of if a
contract is involved.
All budgetary changes over $500 must be approved by the Finance Committee at
one of their meetings, which are held weekly
Exceptions to these rules will be considered by the Finance Committee, but we
must approve said exceptions in order for the spending to occur.
VIII. Co-Sponsorship Process
1.
2.
3.
4.
5.
A group may apply for a co-sponsorship for an event that was not in their initial
budget. Under NO circumstance will the Finance Committee consider a request
for a co-sponsorship for an event that we already considered during initial
allocations.
Most ALL events for the year should be factored into your initial budget. The
Finance Committee saves most co-sponsorships dollars to the second semester
as opportunities for unforeseen events arise.
A group must use the online system (SOMA) to apply for a co-sponsorship with
the Student Association. Groups are encouraged to also use that system to apply
for co-sponsorships with other appropriate groups (SDB, MCGB etc.)
The Finance Committee will use the same criteria outlined in Section VII when
considering a co-sponsorship request.
The Finance Committee will not consider a co-sponsorship request for a major
event ($5000+) that occurs at the same time as another SA-funded major event.
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IX. Micro-Loan System Process
This year, the Finance Committee launched a process where student organizations can
request a loan of up to $500 for the purpose of setting up a fundraiser. This process is
similar to, but separate from, the co-sponsorship process.
Rules and Regulations for Micro-Loan System:
A fundraiser is defined as any activity in which a student organization attempts to raise
funding for their organization.
RULES:
1. A student organization must submit a request to the Student Association Finance
Committee no less than twenty-one (21) calendar days prior to the proposed
fundraiser.
2. The aforementioned request must have the following:
(a) The proposed date of the fundraiser
(b) A budget with line-item expenditures e-mailed to [email protected]
(c) The amount of expected revenue from the fundraiser
(d) A complete request via Google Doc, which can be found here: https://
docs.google.com/forms/d/1KHM-xgWCN6KCNYNTc8-8Rzk5CNZNDZ5wvIEQ0Bi_hJ4/
viewform
3. Student organizations may not request more than, and the Finance Committee may
not distribute, a loan to exceed the lesser of:
(a) The student organization’s General Allocation; or
(b) Five hundred dollars [$500].
4. Student organizations must deposit all revenue raised during the course of their
fundraiser into the Student Association Finance Committee Account within seven (7)
calendar days of the conclusion of the fundraiser. Student organizations can do this by
e-mailing [email protected] and making an appointment to come in and
deposit the money.
5. If funds are not repaid to the Finance Committee, said student organization is not
eligible for co-sponsorships until the loan has been repaid, and the amount owed to the
Student Association will be deducted from the student organizations’ initial allocation for
the next year.
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X. The SA Payment Process
Money budgeted to any student org is not available to withdraw as, per se, your
personal account at a bank. A member of the student org must front the money for all
expenditures and then be reimbursed by the Student Association after submitting an
EAF. This process can take about two months, so plan accordingly.
1. All SA EAFs must be submitted within 30 calendar days of purchase.
2. All SA EAFs must be signed by Financial Officer or Executive Officer of Student Org.
3. All SA EAFs must be turned into the Student Association Office and approved by the
SA Vice President for Financial Affairs.
4. All SA EAFs will take approximately 6-8 weeks to process, this is partly due to
processing time in our office and in CSE. This is also due to the amount of time it takes
for ‘Accounts Payable’ to issue a check.
5. All SA EAFs must be approved by the SA VPFA in order to be processed.
a. All SA EAFs must be processed in the current fiscal year.
b. All SA EAFs may be subject to additional information.
c. Make sure to completely fill out EAF (i.e.- all student information including
GWID, signed by EFO or President of org, original receipts).
Receipts must be taped to an 8.5x11 sheet of paper (NO STAPLES OR
PAPERCLIPS) and the reimbursement MUST be within 30 days of the
receipt.
6.The SA VPFA and the Finance Committee hold the right to review all EAFs.
7. Furthermore, the SA VPFA and Finance Committee reserves the right to deny any
EAF if they deem the spending to be inappropriate. When in doubt, ASK FIRST.
8. Last minute EAFs WILL NOT be processed - EAFs MUST be turned in within a
reasonable amount of time (ESPECIALLY PAYMENT TO VENDORS).
9. EAFs under $5.00 will not be processed. If necessary, you may combine purchases
onto one EAF.
Appendices
Appendix I. Other Places to Get Funding
There are a vast number of options at GW to receive funding for an event or activity.
They are outlined below and it is highly encouraged to utilize these resources to
augment your budget.
1.
2.
The SA Co-Sponsorship Fund is an allotment of money that is made available to
groups for expenses that could not have been planned on during the Initial
Allocation Hearing. Examples include: a group budgeted to produce three issues
of a magazine, but decides to produce a fourth edition and does not have the
funds available, a team qualifies for a competition that is a far away from
campus, or a big speaker unexpectedly becomes available for your group.
Dining Services Program Development Fund - This is funded by the Sodexo
Corporation, and is in place of catering for on-campus events. The decision for
funding is made by the Student Dining Board. (MC 427.)
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3.
4.
5.
6.
7.
8.
Program Board - The Program Board occasionally co-sponsors campus-wide
events. Groups interested in PB co-sponsorship should contact the Program
Board office (MC 424).
Marvin Center Governing Board - The Marvin Center Governing Board
sometimes helps cover the cost of events that are held in the Marvin Center.
Groups interested in this fund should contact the Marvin Center Governing Board
(MC 427).
Residence Hall Association - The Residence Hall Association occasionally cosponsors campus-wide events that help to enhance the residence hall
community. Interested groups should contact the Residence Hall Association (MC
439).
Departments, Deans’ offices, Vice Presidents’ offices, and other offices of the
University - Each of these entities has funds available for co-sponsorship of
student groups, so contact any of the offices or departments that are affiliated
with your organization.
Co-sponsorship with other Student Organizations - Contact any student groups
that you feel may be interested in being a part of your activity or event.
Local businesses- Businesses may be willing to co-sponsor an event as a
corporate sponsor, or they may offer “profit-share” opportunities. Examples of
businesses offering profit shares are: Crepeaway, Campus Fresh, and Pita Pit.
Appendix II. Other Important Information
1.
2.
3.
4.
5.
Any event paid for using SA monies must be advertised as such. Any promotional
materials MUST have our logo on it.
In accordance with Bylaw 309, Section 6: “Any item costing more than onehundred dollars ($100) must be registered with the Student Association Vice
President for Financial Affairs, or a designate.” Please indicate any such item in
your initial budget. Once the item is purchased, please attach an “Item
Registration Form,” found on the SA website, to the EAF. You will not be
reimbursed if we have not received both of these.
A list of the SA Financial Bylaws can be picked up in the SA Office, MC 424, or
found on our website, http://sa.gwu.edu/, in the “governing documents” section.
In accordance with Bylaw 309, a student organization may not spend in excess
of 20% of their allocation after April 1st. If you intend to do so, you must explain
why in writing before March 1st. This bylaw gives the Finance Committee to
reclaim all monies on April 1st, save for the 20%, and we are likely to do so if
your organization has a history of excessive end-of-year spending.
CSE publishes a FInancial Policy Manual of their own that discusses university
policies and the processes for specific types of spending (i.e.- how to enter a
contract to secure a speaker.) Please refer to that in addition to this document.
Appendix III. Hints for Preparing a Budget or Funding Proposal
1. Break down the costs of each event, and be as specific as possible. The new budget
spreadsheet offered by the Center for Student Engagement allows you to do so.
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2. Consult with financial records from the last two years to help you fill out the budget
form. If you have questions about how much your organization was allocated in the
last two years, contact the Finance Committee at [email protected]
3. Include all administrative costs for the entire year (e.g.-tape, staples, etc.) in the
administrative section of the budget. Do not include these in the program section for
each event.
Appendix IV. Important Notes in Summary
1.
2.
3.
4.
5.
6.
7.
8.
Please be as realistic as possible. If the Finance Committee suspects that the
numbers on your funding proposal are inflated, they won’t believe the validity of
the numbers, and they will reduce your request. An inflated budget NEVER leads
to an inflated allocation.
If you need assistance, ask for help from the members of the Finance Committee
or the SA Vice President of Financial Affairs. Their contact information can be
found above.
Understand that historically the vast number of groups are funded at the same
general level that they were funded in the previous year.
Ensure that your group spends its entire allocation from the previous year.
Unspent money represents funds the committee could have given to another
group. Failure to spend a significant amount of your allocation from a previous
year may result in a reduction in your next year’s allocation.
Be ready to justify the decisions of your groups previous officers. If your group
does not have documentation of your past expenses, then get a printout from the
SA Vice President of Financial Affairs and ask questions about all the expenses.
Understand that a brand new student group is unlikely to receive substantial
funding. Student organizations must demonstrate the ability to hold successful
programming before receiving significant allocations or co-sponsorships. If your
orgs mission overlaps with another orgs’ mission it is likely that both orgs funding
will suffer as a result.
Put all events that you expect to do in the following year in your initial budget.
The co-sponsorship fund is only for events that could not have been possibly
anticipated at allocations.
Once again, be as SPECIFIC and DETAILED as possible. Organizations that are
more specific often tend to be the organizations that receive larger allocation.
You may send any additional supporting documentation that you think we will find
helpful to our e-mail address, and we will consider it in conjunction with your
online budget submission.
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